FIRST BANCORP /PR/
For the period ended May 21, 2025. Filed Apr 8, 2025.
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May 21, 2025 · Filed Apr 8, 2025
Contents
APPENDIX A
First BanCorp Reconciliation of Non-GAAP Financial Measures
The Corporation has disclosed its reasons for disclosing non-GAAP financial measures in its Annual Report. See page 45 of the Annual Report — Non-GAAP Financial Measures and Reconciliations. In addition to those reasons, the Corporation is including non-GAAP financial measures in this Proxy Statement because their disclosure should enhance stockholders’ ability to compare the Corporation’s performance to that of the Corporation’s peers for purposes of evaluating executive compensation and because certain of the non-GAAP financial measures are relevant to the establishment of executive compensation.
Following are the reconciliations of the non-GAAP financial measures presented in this Proxy Statement:
Non-GAAP Pre-Tax Pre-Provision Income for the year ended December 31, 2024
| (in thousands) | December 31, 2024 ($) |
|---|---|
| Income before income taxes | $391,207 |
| Less/Add: Provision for credit losses – expense (benefit) | 59,921 |
| Add: FDIC Special Assessment Expense | 1,099 |
| Adjusted pre-tax, pre-provision | $452,227 |
Non-GAAP Tangible Book Value for the year ended December 31, 2024
| (In thousands, except ratios and per share information) | December 31, 2024 |
|---|---|
| Tangible Equity: | |
| Total equity - GAAP | $1,669,236 |
| Goodwill | (38,611) |
| Other intangible assets | (6,967) |
| Tangible common equity | $1,623,658 |
| Tangible Assets: | |
| Total assets - GAAP | $19,292,921 |
| Goodwill | (38,611) |
| Other intangible assets | (6,967) |
| Tangible assets | $19,247,343 |
| Common shares outstanding | 163,869 |
| Tangible common equity ratio | 8.44% |
| Tangible book value per common share – non-GAAP | $9.91 |
| Proxy Statement for the 2025 Annual Meeting of Stockholders | First BanCorp | 83 |
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